New Naira: CBN Fines Unity Bank N20 Million For Contravention 

The Central Bank of Nigeria has imposed N20m fine on Unity Bank for contravening its directive on the new naira notes.

Newsnowonline gathered that Unity Bank was fined  N20m because CBN after a viral video of some new notes being sprayed at an Owambe party in Lagos, traced it to Unity bank, because all the new notes could be tracked and traced (that’s why they are not issued over the counter in any bank).

The banks can only load them on their ATM machines as per the directives of the CBN.

When Unity Bank was sanctioned, the bank immediately traced the new notes to the particular ATM card that withdrew the money and they found out that one person withdrew N800k, N600k, N500k and N400k with different ATM cards but having the same BVN so it easy to track. The security agents are said to be on the trail of the person who made the withdrawals. 

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